While the MBA is the most commonly discussed master’s level degree offered at elite business schools, an increasing number of degree options are available for those who are looking for a graduate-level business education.
In fact, 4 of the M7 schools now offer non-MBA master’s level degree programs. These degrees are in addition to the specialized, dual degree and Executive MBA programs available. If you look beyond the M7 schools, there are countless programs available, with more arising each day.
Master’s programs in fields such as finance, analytics, real estate, international management, and risk management together are luring about 23 percent of the business school population, according to the 2024 GMAC Prospective Student Survey.
So who should consider a non-MBA master’s degree?
Most non-MBA master’s degree programs appeal to those who are current college students or recent graduates. For example, in 2024 Columbia Business School reported an average age of 23 for all 3 of the school’s master of science degrees. (In contrast, the average MBA student had 5 years of professional experience.)
This means these degrees are great options for those looking to accelerate their careers yet lack the professional experience necessary for an MBA program. (Keep in mind, if you are a college senior or a graduate student, a deferred MBA program might be an option for you.)
Unsure whether a specialized master’s or a deferred MBA is right for you? Reach out to Personal MBA Coach today!
So, if you are looking to get ahead at work but have fewer than 3 years of professional experience, a shorter, more entry level, program could be a great way to beef up your profile and analytical skills, preparing you to tackle an MBA program in the future or secure the career advancement you are looking for.
While such a degree might not prepare you for an advanced leadership position, it will offer strong career opportunities, particularly for those looking to excel in a more specialized position in a field such as real estate.
Finally, such programs can be attractive for some international candidates. Many of our applicants from outside of the US seek out some of these programs because they may offer a 3-year OPT visa, easing any immigration concerns.
If you are considering applying to a master’s program, Personal MBA Coach offers specialized master’s admissions consulting packages to help you maximize your chances of success.
The most popular and widespread of the specialized business master’s programs include:
Master’s in Management Studies
Management Studies equip students from a variety of backgrounds with the necessary skills and knowledge to enter any industry at the managerial level (or move there more quickly). Among the skills developed: leadership, communications, accounting, management, business strategy, finance, negotiations, and marketing research. Check out our Master in Management blog for more details!
Master’s in Finance (MFin)
MFin programs (at some schools they are referred to as financial analysis programs) are tailored to equip students with skills and knowledge to enter a broad range of career opportunities in financial institutions, corporations, consulting firms, the public sector, and fintech. Students learn about corporate finance, public finance, mergers and acquisitions: Most schools tout a combination of financial theory and practical application of quantitative methods.
At MIT Sloan, for example, the MFin program, top-ranked in the country, offers an 18-month STEM-designated curriculum, with the option for an accelerated 12-month program. The school describes the program as “emphasizing a foundation in how markets work and engineered around the most advanced financial theories, quantitative models, and industry practices.” Sloan’s program offers concentrations in fields such as financial engineering and capital markets.
Texas McCombs’s MFin program, also top-ranked, is considered a “first degree in finance” program (so it is not for people who already have an undergraduate finance degree). It offers courses on managerial economics and investment theory, a practicum with a sponsoring company, and intense interaction with industry leaders.
Master’s in Accounting
Perfect for building a career in accounting, this program, also for recent college graduates, prepares students in hard skills such as financial reporting, auditing, and tax strategy, and soft skills such as communications and leadership. UNC’s Kenan-Flagler touts its top-rated program as giving students “fluency with the principles and practice of accounting.”
Master’s in Marketing (or Marketing Science)
This degree is designed for people interested in making a career in branding or marketing, with related data analytics and communications skills. Students study topics including Consumer Insights and Analytics, Messages and Content, Media, and Customer Relationship Management. Among the top-ranked programs are those at Columbia Business School, Northwestern, Johns Hopkins, and Texas A&M.
The Master of Science in Marketing Science at Columbia, for example, prepares students for careers in the growing field of market research (or other professions in marketing analytics) across a broad array of industries including multi-channel retailing, consumer products and services, media and entertainment, and consulting. Students study market analytics, statistical modeling, and market intelligence.
Master’s in Data Analytics or Business Analytics
Usually lasting nine months, these programs are designed for recent college graduates with little or no work experience who are passionate about data, want to deepen their analytical skills and move into sought-after business analyst positions.
These are the most common business education master’s programs, but there are many other choices and opportunities for specialized master’s programs:
Master’s in Systemic Risk
Offered by Yale SOM and NYU Stern, among others (Johns Hopkins offers a similar program online through its School of Advanced International Studies), the Master of Systemic Risk degree is geared to bank or regulatory agency professionals to gain exposure to leading ideas in macroprudential policy, financial crisis management, global financial regulation, monetary economics, crisis communications, and central banking. Other specialized master’s programs for midcareer or advanced career professionals are those in Public Education Management, Advanced Management, Asset Management, and Global Business and Society.
Master’s in Global Business & Society
Also offered at Yale SOM, this master’s program gives students the tools to work in global organizations. The 9-month program follows a master’s in management program at any of the schools in the Global Network for Advanced Management, which includes 32 top business schools in 30 countries around the world. The curriculum spans business ethics, financial reporting, an entrepreneurship lab, and digital strategy.
Master’s in Public Education Management
The Master of Public Education Management—another specialized master’s program offered at Yale SOM—gives highly motivated, accomplished K-12 education professionals the skills and broad perspective to grow as education leaders. The tuition-free 14-month program is designed for “early- to mid-career school system leaders with extraordinary leadership potential who are working and who wish to increase their impact in key K-12 systems,” says Yale SOM.
Other master’s programs—for example, offered at Carnegie Mellon’s Tepper School of Business and other schools—are an MS in Business Analytics, an MS in Product Management, a Master of Integrated Innovation for Products and Services, and an MS in Computational Science.
Master’s in Product Management
The MS in Product Management prepares people to serve in a product development role in tech-driven companies. At Tepper, for example, the program teaches customer-mindedness, leadership of cross-functional teams, and the ability to deliver value. A STEM-designated program, it is offered through CMU’s School of Computer Science and Tepper.
Master’s in Integrated Innovation for Products and Services
Tepper’s Master of Integrated Innovation for Products and Services (MIIPS) degree, offered in either a 9-month or a 16-month version, trains “the next generation of innovators, design thinkers, disruptors, and world changers,” the school says. The program teaches students to tackle problems at the intersection of business, design, and engineering: Integrated Product Development is the prototyping capstone.
Master’s in Healthcare Transformation (or Management)
This program is designed for people interested in hospital administration, healthcare services management, or other careers at the intersection of business and healthcare. At McCombs, for example, the MHT is designed for healthcare professionals “who want to lead change in existing organizations, become transformational leaders, and create high-value services in the health sector.”
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